Comparison of Interactive Brokers vs OANDA [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theInteractive Brokers vs OANDA comparison!

Your expert: Alejandro Borja

Interactive Brokers

Your expert: Xavier Tarrasó

OANDA

Main points

Fees

Low 4,4/5

Regulated

SEC, FCA

Demo account

Yes

Low 4,3/5

Fees

FCA, CFTC

Regulated

Yes

Demo account

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.6 – Interactive Brokers charges low commissions (0.12% to 0.18% of trade value) with no added spreads or custody fees, making it one of the most cost-effective options for serious traders .

3.8 – OANDA’s fees for crypto trading are competitive with no spread markups or custody fees. However, the platform’s higher fees for certain transactions and inactivity fees can be a drawback .

Level

Low 4,4/5

Low 4,3/5

Brief explanation

Interactive Brokers offers a competitive and transparent commission structure for cryptocurrency trading. The commission rates range from 0.12% to 0.18% of the trade value, with a minimum fee of $1.75 per order, capped at 1% of the trade value. This fee structure is notably lower than many competitors, who may charge up to 2.00% or include additional spreads and markups. Trading cryptocurrencies on Interactive Brokers’ platform does not incur any added spreads, markups, or custody fees. This is facilitated through their partnerships with Paxos Trust Company and Zero Hash LLC, both of which are regulated entities, ensuring a secure trading environment. Furthermore, clients can trade cryptocurrencies 24/7 when funds are transferred to their dedicated Paxos or Zero Hash account during normal US banking hours.

OANDA offers a transparent and straightforward fee structure for cryptocurrency trading, which makes it an appealing choice for many traders. The platform charges a 0.25% fee on all executed crypto orders, with a minimum fee of $0.01. This fee is calculated based on the order quantity and fill price, ensuring that traders know exactly what they are paying upfront. Unlike many other brokers, OANDA does not apply a spread markup or custody fee on crypto trades, which can help keep trading costs lower. Deposits via credit/debit cards and electronic wallets like PayPal, Skrill, and Neteller are free, but bank transfers, which can take up to three business days to process, may incur conversion costs if the currency differs from the account base currency. Withdrawal fees are notably higher, especially for bank transfers, which can cost up to $20 or more per transaction, depending on the currency and region. While OANDA does not offer leverage for cryptocurrency trading, which could limit the potential for higher returns, this also reduces the risk of significant losses. The absence of short selling options is another limitation for those looking to profit from falling markets. Overall, OANDA’s fee structure is designed to be clear and straightforward, with no hidden costs, making it a reliable choice for crypto traders who prioritize transparency and security .

Interactive Brokers

Year Founded: Established in 1978, Interactive Brokers has a long history of providing reliable and innovative trading solutions.
Security Methods: The platform uses top-tier security measures, including two-factor authentication and encryption, ensuring the safety of client assets and data.
Number of Users: Interactive Brokers boasts a large user base, serving over 1.6 million clients globally, which speaks to its reliability and popularity.
Regulation: The firm is regulated by major financial authorities, including the SEC, FINRA, and several international regulators, ensuring compliance with stringent financial laws.
Trading Volume and Liquidity: Interactive Brokers handles a high volume of trades daily, providing deep liquidity, which is crucial for effective trading execution and minimal slippage.

OANDA

Year Founded: OANDA was founded in 1996, establishing a long track record of reliability and innovation in the financial markets. This extensive experience provides a level of confidence that newer brokers may not offer .
Number of Users: With millions of users worldwide, OANDA has built a solid reputation among both retail and institutional traders. Its wide user base is a testament to its credibility and the trust it has garnered over the years .
Security Methods: OANDA employs robust security measures, including two-factor authentication and encryption, to protect user data and funds. The partnership with Paxos ensures secure and regulated crypto trading, further enhancing trust .
Regulation: OANDA is regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Commodity Futures Trading Commission (CFTC) in the US, and the Australian Securities and Investments Commission (ASIC). These stringent regulatory standards provide a high level of protection and transparency for users .
Reputation and Reviews: OANDA has consistently received positive reviews for its reliability, customer service, and comprehensive trading platform. Its commitment to transparency and customer satisfaction has solidified its position as a trusted broker in the industry .

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Direct link to the website

Product selection

Native token

Interactive Brokers does not have a native token.

OANDA does not have a native token.

Earns

Interactive Brokers does not offer staking or similar earning options for cryptocurrencies. The platform allows trading and holding of cryptocurrencies .

OANDA does not provide staking or other earning options for cryptocurrencies. The platform supports trading through crypto CFDs and direct trading via partnerships .

NFT marketplace

Interactive Brokers does not have an NFT marketplace.

OANDA does not have an NFT marketplace.

Cripto/debit card

Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .

OANDA does not provide a card for its clients .

Payment methods

Transfers

Yes, Interactive Brokers accepts bank transfers for both deposits and withdrawals .

Yes, OANDA accepts bank transfers for both deposits and withdrawals .

Mastercard

No, Interactive Brokers does not accept Mastercard for deposits.

Yes, OANDA accepts Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

No, Interactive Brokers does not accept credit/debit cards .

Yes, OANDA accepts credit/debit cards .

Comparative table

Interactive Brokers	Features	OANDA
Interactive Brokers offers a low minimum trade amount, making it accessible for both small and large investors. This encourages new traders to start without significant capital.	Minimum Trade	No minimum trade requirement, making it accessible for all traders.
The platform’s fees are among the lowest in the industry, which is a major advantage for frequent traders.	Trading and Transaction Fees	Competitive fees, but high withdrawal costs for bank transfers.
Currently, only eight cryptocurrencies are available, which limits options for traders looking for a diverse portfolio.	Number of Cryptocurrencies	Supports 63 crypto trading pairs, offering good variety.
The platform offers limited crypto-to-crypto pairs, which restricts trading strategies for users looking to trade beyond major cryptocurrencies.	Crypto-to-Crypto Trading Pairs	Wide range of pairs available, enhancing trading opportunities.
Interactive Brokers provides clear and comprehensive information about their services and fees. However, the site could be more intuitive for beginners.	Website Transparency	Highly transparent with detailed information about fees, regulations, and services.
Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .	Credit/Debit Card	OANDA does not provide a card for its clients .
The platform offers secure storage solutions through partnerships with regulated entities, ensuring the safety of users’ digital assets.	Storage Offering	No dedicated crypto wallet service; relies on Paxos integration for custody.
Interactive Brokers does not currently offer staking or rewards programs, which could be a drawback for users looking for passive income opportunities.	Staking and Rewards	Does not offer staking or rewards programs.
The mobile and desktop platforms are highly rated for their functionality and user-friendly design, catering to both novice and experienced traders.	Mobile App and Desktop	User-friendly mobile and desktop platforms with advanced charting tools.
The customer service is generally responsive and helpful. However, the complex account setup process can be a barrier for new users.	Customer Service	24/7 support available, though response times can vary.
The platform provides efficient deposit and withdrawal processes with multiple options, although there is room for improvement in speeding up withdrawal times.	Deposit and Withdraw	Multiple methods available but high fees for bank transfers.

Key features

Analysis tools

Interactive Brokers offers the Trader Workstation (TWS) platform, which includes powerful trading tools and advanced charting capabilities. They also provide comprehensive market data and analysis tools .

OANDA offers a proprietary web platform with over 65 technical indicators powered by TradingView, advanced charting tools, and a robust mobile app. They also provide comprehensive research offerings .

Mobile APP

Yes, Interactive Brokers offers the IBKR Mobile app for iOS and Android devices, providing comprehensive trading tools and account management features .

Yes, OANDA provides a mobile app for trading, which includes advanced charting and access to their full range of trading instruments .

Security

Interactive Brokers is regulated by top-tier US authorities like the SEC and FINRA, providing a high level of security and transparency. They offer SIPC insurance, protecting clients’ securities up to $500,000, including a $250,000 cash limit.

OANDA is regulated by top-tier authorities such as the FCA. They offer negative balance protection for EU clients and are known for their transparency and robust security measures, including 24/7 customer support.

Additional features

Interactive Brokers allows clients to trade cryptocurrencies through Paxos or Zero Hash, offering a low commission rate of 0.12% to 0.18% of the trade value. They support a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and provide advanced trading tools through their Trader Workstation platform. Interactive Brokers also offer features like holding USD in crypto accounts and 24/7 trading .

OANDA offers trading on 13 popular cryptocurrency CFDs, such as Bitcoin, Ethereum, and Litecoin, through their platform. They provide a user-friendly app with advanced charting tools and the ability to manage risk using limit and stop orders. OANDA’s crypto trading is available 24/7 with competitive spreads and transparent fees .

Anonymity

Anonymous accounts are not available. Interactive Brokers requires detailed personal information and identity verification .

OANDA does not support anonymous accounts. Personal information, financial details, and verification documents are necessary for opening an account .

Key points

Available cryptocurrencies

Interactive Brokers allows both direct trading and CFDs for cryptocurrencies. The available cryptocurrencies for direct trading are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Additional coins are available through CFDs.

OANDA offers trading in cryptocurrency CFDs and direct trading through a partnership with Paxos. Available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), EOS, Binance Coin (BNB), Stellar (XLM), Dogecoin (DOGE), Uniswap (UNI), Tezos (XTZ), Cardano (ADA), and Polkadot (DOT).

User-friendliness

Interactive Brokers integrates cryptocurrency trading into its existing platform, allowing users to trade crypto alongside other asset classes. The platform offers low commissions and a professional-grade trading environment. However, the setup process might be more complex compared to dedicated crypto exchanges, which could be a drawback for less experienced users .

OANDA’s crypto trading experience is integrated into its well-established forex trading platform, providing a seamless and user-friendly interface. The platform supports a range of cryptocurrencies and offers easy account funding options. OANDA’s strong regulatory framework and security features add an extra layer of trust for users .

Value for money

Interactive Brokers is known for its low commissions and transparent pricing, making it a cost-effective choice for crypto trading. Its professional-grade trading tools add significant value, though the platform might be too complex for beginners.

OANDA provides good value with no deposit or withdrawal fees and competitive spreads on crypto CFDs. However, the platform’s above-average fees for certain transactions and inactivity fees might deter less active traders.

Countries of operation

United States, Canada, United Kingdom, Ireland, Hungary, Australia, India, Japan, Hong Kong, Singapore .

United Kingdom, United States, European Union, Canada, Australia, Singapore .

Best for

Interactive Brokers is ideal for professional and experienced traders who want to trade cryptocurrencies alongside other asset classes. Its low commissions and professional-grade trading tools make it a strong choice for serious investors.

OANDA is best for traders who want the flexibility to trade both crypto CFDs and underlying crypto assets. Its strong regulatory framework and user-friendly app make it a good choice for those looking for a secure trading environment.

Account

Trading

Interactive Brokers offers limited direct cryptocurrency trading but provides access to crypto-related financial products. It is more focused on traditional investment products, making it less ideal for pure crypto trading.

OANDA offers crypto CFD trading with a focus on transparency and regulation. The platform provides competitive spreads and leverage, making it a secure choice for trading cryptocurrencies.

Deposit and withdrawal

Interactive Brokers allows deposits and withdrawals via bank transfers and wire transfers. The process is secure but can be slower, especially for international transfers. Fees may apply for withdrawals.

OANDA offers deposits and withdrawals via bank transfers, credit/debit cards, and e-wallets. The process is straightforward, but fees may apply for certain withdrawal methods, especially international transfers.

Account opening process

The account opening process at Interactive Brokers is detailed and thorough. Users must provide extensive personal and financial information, and submit various verification documents. The process is fully digital but can take a few days for approval due to the comprehensive requirements.

OANDA has a straightforward and fully digital account opening process. Users need to fill out an online form with personal and financial details and submit verification documents. Accounts are typically approved within one business day.

KYC required?

Yes, KYC is required at Interactive Brokers. The account opening process includes submitting personal identification documents and proof of address.

OANDA requires KYC verification. Users must submit personal identification documents and proof of address to open an account.

Customer Service

Interactive Brokers provides customer support via phone, email, and live chat. The support is available 24/5 and is generally responsive, though some users find the service to be slower during peak times due to high demand.

OANDA provides strong customer support available 24/5 via phone, email, and live chat. The support team is generally responsive and knowledgeable, making it easy for users to resolve their issues.

Security

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend Interactive Brokers for those interested in integrating cryptocurrency trading with traditional financial instruments. The platform offers competitive fees, robust security, and seamless integration with other asset classes, making it an excellent choice for experienced traders looking to diversify their portfolios. While the account setup process can be complex, the advanced trading features and reliable customer support make it worth the effort. If you’re seeking a secure and cost-effective way to trade cryptocurrencies, Interactive Brokers is a solid option.

Xavier Tarrasó

As an expert on our website, I highly recommend OANDA for its reliability and robust security measures in cryptocurrency trading. OANDA’s regulation by top-tier authorities such as the FCA and CFTC ensures a secure trading environment. The platform offers a user-friendly experience with advanced charting tools and over 60 crypto trading pairs through its partnership with Paxos Trust Company. Despite its higher withdrawal fees and lack of leverage for crypto, OANDA is an excellent choice for traders seeking a trustworthy and well-regulated broker.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Interactive Brokers vs OANDA [ 2024 ]

Interactive Brokers

OANDA

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Interactive Brokers

OANDA

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Interactive Brokers and OANDA